‘Uptown Boca’ Developers Secure $126M in Construction Financing
Located on a prime site at Glades Road and 95th Avenue South in West Boca Raton, Uptown Boca will feature 456 Class A luxury apartments and 171,806 square feet of upscale retail space.
BOCA RATON, FL—The development team of Giles Capital Group, Rosemurgy Properties and Schmier Property Group, in partnership with Wheelock Street Capital, which is building the mixed-use Uptown Boca project here, has secured $125.65 million in construction financing for the more than 1-million-square-foot venture.
The brokerage firm Holliday Fenoglio Fowler, L.P. arranged the floating rate loan with Jutland Finance. The property is the last undeveloped parcel located off Glades Road, which is Boca Raton’s main east/west thoroughfare and retail corridor. The development will also benefit from its proximity to both the East and Boca Town Center office markets, which together consist of more than 330 buildings and 9 million square feet of office space.
Located on a prime site at Glades Road and 95th Avenue South in West Boca Raton, Uptown Boca will feature 456 Class A luxury apartments and 171,806 square feet of upscale retail space. The retail component will be anchored by Lucky’s Market, Silverspot Cinema, Bolay, Chick-fil-A and BurgerFi, along with a number of smaller retail and restaurant tenants. The retail component of the project is expected to deliver in late 2019 with the residential development available in early 2020.
“Uptown Boca is creating a center that will become an integral part of the West Boca community,” states Rick Giles, CEO of Giles Capital Group. “As West Boca’s first retail and apartment development in over 20 years, Uptown Boca will bring much-needed new dining, entertainment and living options to the area. We are extremely grateful for Jutland Finance’s confidence in our project and our goal of bringing an exciting destination to the community.”
Uptown Boca’s residential component will feature one, two, three and four-bedroom units. Amenities at the development will include a 24-hour fitness and business center, yoga, spin and stretching room, gaming and theater room, zero edge pool, ride sharing lounge and an outdoor summer kitchen. The building will also feature a resident lounge, kids play area and dog park.
HFF’s debt placement team that represented the Uptown Boca’s developers included managing directors Elliott Throne and Steven Klein along with associate Jesse Wright.
“The sponsorship team includes an experienced institutional equity partner along with the best local developers, which allows them to understand the specific needs of the West Boca Raton community,” said Throne, who is also a Boca Raton resident. “This project will create the first livable destination lifestyle retail center that will provide a sense of place and will serve West Boca the way Mizner Park serves East Boca.”
Last year, the development team acquired the West Boca parcel in two separate transactions for approximately $38 million. The developers broke ground on the project last October.
Among the consultants working on the Uptown Boca project include: retail leasing by Katz & Associates, Boca Raton; residential leasing and management by Bridge Real Estate Group, Boca Raton; construction by Current Builders, Pompano Beach; residential architecture by MSA Architects from Miami; retail architecture by Marc Wiener Architecture, Boca Raton; landscape by Design Studio Boca, Boca Raton and multifamily interiors by Focus Design Interiors, Atlanta.